EUR/JPY trims losses after steep drop

FXStreet (Córdoba) - EUR/JPYfound support ahead of the 131.00 level and entered a consolidative phase over the last hours, after losing more than 275 pips from daily highs on the back of BoJ move.

EUR/JPY was rejected from a high of 133.77, for third time in a week, and plummeted all the way to a low of 131.02 before stabilizing. Having recovered slightly, the pair is currently trading at 131.58, recording a 0.80% loss on the day.

The yen initially reacted negatively, but changed course soon after the Bank of Japan announced some operational tweaks but left the expansion of the BoJ's balance sheet unchanged at JPY 80 trillion a year.

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